Fidelity Salem Correlations

Mutual Funds . USA . 
Fund . Fidelity Salem Street
FSNDX Fund   10.69  0.01  0.09%   
The current 90-days correlation between Fidelity Salem Street and Fidelity Freedom 2015 is 0.57 (i.e., Very weak diversification). The correlation of Fidelity Salem is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

Fidelity Salem Correlation With Market

Modest diversification

The correlation between Fidelity Salem Street and DJI is 0.23 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Salem Street and DJI in the same portfolio, assuming nothing else is changed.
  
Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Fidelity Salem Street. Also, note that the market value of any mutual fund could be closely tied with the direction of predictive economic indicators such as signals in unemployment.

Moving together with Fidelity Mutual Fund

  0.88FPTKX Fidelity Freedom 2015PairCorr
  0.84FPURX Fidelity PuritanPairCorr
  0.84FPUKX Fidelity PuritanPairCorr
  0.64FPXTX Fidelity PennsylvaniaPairCorr
  0.87FQIFX Fidelity Freedom IndexPairCorr
  0.83FQIPX Fidelity Freedom IndexPairCorr
  0.61FQITX Fidelity Salem StreetPairCorr
  0.82FQLSX Fidelity Flex FreedomPairCorr
  0.82FRBDX Fidelity Freedom 2070PairCorr
  0.82FRBEX Fidelity Freedom 2070PairCorr
  0.82FRBHX Fidelity Freedom 2070PairCorr
  0.82FRBJX Fidelity Advisor FreedomPairCorr
  0.82FRBKX Fidelity Advisor FreedomPairCorr
  0.82FRBLX Fidelity Advisor FreedomPairCorr
  0.82FRBOX Fidelity Advisor FreedomPairCorr
  0.82FRBPX Fidelity Advisor FreedomPairCorr
  0.83FRBQX Fidelity Flex FreedomPairCorr
  0.83FRBUX Fidelity Freedom IndexPairCorr
  0.83FRBVX Fidelity Freedom IndexPairCorr
  0.83FRBWX Fidelity Freedom IndexPairCorr
  0.82FRBYX Fidelity Freedom BlendPairCorr
  0.82FRBZX Fidelity Freedom BlendPairCorr
  0.83FRAGX Aggressive GrowthPairCorr
  0.92FRAMX Fidelity Income ReplPairCorr
  0.9FRASX Fidelity Income ReplPairCorr
  0.82FRCFX Fidelity Freedom BlendPairCorr
  0.82FRCHX Fidelity Freedom BlendPairCorr
  0.82FRCKX Fidelity Freedom BlendPairCorr
  0.82FRCLX Fidelity Freedom BlendPairCorr
  0.82FRCNX Fidelity Freedom BlendPairCorr
  0.83FRCPX Fidelity Freedom BlendPairCorr
  0.81FRCQX Fidelity SustainablePairCorr
  0.82FRCRX Fidelity SustainablePairCorr
  0.82FRCVX Fidelity SustainablePairCorr
  0.81FRCWX Fidelity SustainablePairCorr
  0.81FRCYX Fidelity SustainablePairCorr
  0.81FRDCX Fidelity SustainablePairCorr
  0.81FRDDX Fidelity SustainablePairCorr
  0.81FRDEX Fidelity SustainablePairCorr
  0.84FRGAX Growth Allocation IndexPairCorr

Related Correlations Analysis

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Risk-Adjusted Indicators

There is a big difference between Fidelity Mutual Fund performing well and Fidelity Salem Mutual Fund doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Fidelity Salem's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.
Mean DeviationJensen AlphaSortino RatioTreynor RatioSemi DeviationExpected ShortfallPotential UpsideValue @RiskMaximum Drawdown
FPTKX  0.24  0.06 (0.09) 0.35  0.00 
(0.29)
 0.68 
(0.50)
 1.67 
FPURX  0.41  0.08  0.04  0.28  0.23 
(0.45)
 1.28 
(0.84)
 2.85 
FPUKX  0.41  0.08  0.03  0.27  0.25 
(0.45)
 1.32 
(0.88)
 2.90 
FPXTX  0.12 (0.01)(0.66)(0.06) 0.11 
(0.17)
 0.30 
(0.20)
 0.89 
FQIFX  0.31  0.07 (0.02) 0.30  0.00 
(0.36)
 0.96 
(0.60)
 2.17 
FQIPX  0.47  0.12  0.10  0.31  0.29 
(0.57)
 1.48 
(1.18)
 3.29 
FQITX  0.56  0.06 (0.03) 0.27  0.64 
(0.60)
 1.27 
(1.14)
 3.58 
FQLSX  0.47  0.13  0.12  0.33  0.24 
(0.58)
 1.53 
(1.22)
 3.33 
FRBDX  0.48  0.13  0.12  0.34  0.26 
(0.60)
 1.61 
(1.11)
 3.27 
FRBEX  0.47  0.14  0.13  0.34  0.22 
(0.58)
 1.61 
(1.11)
 3.18 

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